Three years after the takeover of two-thirds of its activities by its historic rival Veolia, Suez is in for another shock: Sabrina Soussan, appointed director general in January 2022 and CEO six months later, will leave the water and waste management group on January 31, 2025, the board of directors announced on Monday, December 9. The announcement confirms a report in La Lettre and insistent rumors in recent months about the growing differences between the company's operational boss and its board of directors.

Without waiting for the arrival of a new CEO, for whom "the search and appointment process has been launched immediately," according to the French-language statement, Suez's governance has already been reorganized. From January 1, 2025, the board's chairmanship will be taken over by Thierry Déau, founder of infrastructure fund Meridiam, the main shareholder in Suez (40%) along with US fund Global Infrastructure Partners. Déau denies any "intention or discussion" of a buyout of the 10% held by the Caisse des Dépôts et Consignations (CDC, the investment arm of the French government), which would make Meridiam the majority shareholder with 59% of the capital.

No official explanation has been given for Soussan's departure. The "first cycle" in the life of the new Suez has been "successful," she assured. The group benefits from "a robust financial situation" and "a solid pipeline of significant projects." Déau himself thanked her for her "excellent work in restructuring, organizing, and developing the group," even as he pushed her out.

According to several sources, the crisis had been brewing for many months. They pointed to an authoritarian, solitary management style, overly focused on external communication. At the end of August, tensions and shortcomings came to the fore when Soussan dismissed Frederick Jeske-Schoenhoven, who was in charge of strategy, communications and sustainable development.

Suez, which no longer publishes net income, did see its debt increase to €5.3 billion in June. Management justified this rise by the need to "support its growth strategy." On the other hand, sales for 2023 reached €8.9 billion (+30%) and the company's EBITDA €1.4 billion (+25%), a trend that continued in the first half. Solidly established in France, the company remains present in some 40 countries (UK, Morocco, South Africa, Philippines, China, Taiwan...) and employs 40,000 people.

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